Under a share purchase agreement (SPA), Max will acquire a 58.4 per cent stake in Kalinga Hospital Limited (KHL) from the Hospital Corporation of Orissa. The financing for the acquisition will be done through external commercial borrowings from Standard Chartered Bank.
“The acquisition will be completed within four to six weeks from execution of SPA,” the hospital group said in its regulatory filing on the bourses. This would be Max’s first acquisition in eastern India.
Built on a 10-acre land parcel, Max said the acquired hospital provides multidisciplinary care across major specialties, including neurology, cardiology, orthopaedics, gastroenterology, renal sciences and oncology.
“The company also intends to undertake revamping and modification of the existing infrastructure to enhance efficiency, patient experience and clinical capabilities,” Max added.
The move comes at a time when Max has been on an expansion drive, with the healthcare major adding facilities in Pune, Noida, Nagpur and Lucknow over the last two financial years.
Max Healthcare Network has an existing capacity of around 5,200 beds as of December 31, 2025. This is an increase of nearly 2,000 beds from around 3,390 beds as of December 31, 2023, according to its Q3FY24 investor presentation.
Commenting on the choice of location, the healthcare chain said that Bhubaneswar is experiencing a surge in demand for quality healthcare services, with the company intending to expand its footprint in the region.
“Happy to announce our foray into Bhubaneswar, an extremely attractive market, through the acquisition of a very well located and reputable hospital with significant operational upside and brownfield potential,” said Abhay Soi, chairman and managing director at Max Healthcare.
The firm added that Bhubaneswar has a well-developed healthcare ecosystem with a large presence of public and private hospitals and multiple medical colleges, positioning it as a preferred healthcare destination for patients from across Odisha and neighbouring states such as West Bengal, Jharkhand and Chhattisgarh.
The announcement was made during market hours. On Wednesday, Max Healthcare’s shares were up 0.87 per cent, ending the day’s trade at Rs 940.45 apiece on the Bombay Stock Exchange (BSE).
 "Max Healthcare Institute")